DEMAKIN: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
DEMAKIN
Largest movements
- Deferred charges and accrued income -€24,473
down €24,473 (-20.1%), from €121,931 to €97,458
- Cash +€20,434
up €20,434 (+45.4%), from €45,021 to €65,455
mainly Depreciation (+€41,021) and Other debts (+€37,630)
- Tangible fixed assets -€9,680
down €9,680 (-2.4%), from €402,471 to €392,791
of which Land and buildings: -€17,532
- Receivables within one year +€8,609
up €8,609 (+108.6%), from €7,925 to €16,534
of which Other amounts receivable: +€8,880
- Other debts +€37,630
up €37,630 (+18.9%), from €198,749 to €236,379
- Accrued charges and deferred income -€25,514
down €25,514 (-28.1%), from €90,902 to €65,388
- Debts after one year -€16,124
no longer reported in 2025 (was €16,124)
- Financial charges +€32,858
up €32,858 (+186.9%), from €17,579 to €50,437
- Taxes -€8,835
down €8,835 (-76.8%), from €11,502 to €2,666
- Depreciation -€2,975
down €2,975 (-6.8%), from €43,996 to €41,021
- Gross operating margin +€1,904
up €1,904 (+1.1%), from €175,155 to €177,059
- Staff costs +€1,834
up €1,834 (+2.7%), from €69,208 to €71,043
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €577,397 | €572,288 | -€5,110 | -0.9% |
| Fixed assets | 21/28 | €402,521 | €392,841 | -€9,680 | -2.4% |
| Tangible fixed assets | 22/27 | €402,471 | €392,791 | -€9,680 | -2.4% |
| Land and buildings | 22 | €316,638 | €299,107 | -€17,532 | -5.5% |
| Plant, machinery and equipment | 23 | €43,172 | €60,470 | +€17,298 | +40.1% |
| Furniture and vehicles | 24 | €42,661 | €33,215 | -€9,446 | -22.1% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €174,876 | €179,447 | +€4,571 | +2.6% |
| Amounts receivable within one year | 40/41 | €7,925 | €16,534 | +€8,609 | +108.6% |
| Trade receivables | 40 | €6,425 | €6,155 | -€271 | -4.2% |
| Other amounts receivable | 41 | €1,499 | €10,379 | +€8,880 | +592.3% |
| Cash at bank and in hand | 54/58 | €45,021 | €65,455 | +€20,434 | +45.4% |
| Deferred charges and accrued income | 490/1 | €121,931 | €97,458 | -€24,473 | -20.1% |
| Total equity and liabilities | 10/49 | €577,397 | €572,288 | -€5,110 | -0.9% |
| Equity | 10/15 | €238,285 | €239,333 | +€1,048 | +0.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €218,285 | €219,333 | +€1,048 | +0.5% |
| Distributable reserves | 133 | €218,285 | €219,333 | +€1,048 | +0.5% |
| Amounts payable | 17/49 | €339,113 | €332,955 | -€6,158 | -1.8% |
| Amounts payable after more than one year | 17 | €16,124 | - | -€16,124 | |
| Financial debts | 170/4 | €16,124 | - | -€16,124 | |
| Amounts payable within one year | 42/48 | €232,087 | €267,566 | +€35,480 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €15,417 | €16,124 | +€707 | +4.6% |
| Trade debts | 44 | €5,942 | €5,641 | -€301 | -5.1% |
| Suppliers | 440/4 | €5,942 | €5,641 | -€301 | -5.1% |
| Taxes, remuneration and social security | 45 | €11,978 | €9,422 | -€2,556 | -21.3% |
| Taxes | 450/3 | €490 | - | -€490 | |
| Remuneration and social security | 454/9 | €11,488 | €9,422 | -€2,066 | -18.0% |
| Other amounts payable | 47/48 | €198,749 | €236,379 | +€37,630 | +18.9% |
| Accrued charges and deferred income | 492/3 | €90,902 | €65,388 | -€25,514 | -28.1% |
| Remuneration, social security and pensions | 62 | €69,208 | €71,043 | +€1,834 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,996 | €41,021 | -€2,975 | -6.8% |
| Other operating charges | 640/8 | €4,137 | €4,000 | -€137 | -3.3% |
| Gross operating margin | 9900 | €175,155 | €177,059 | +€1,904 | +1.1% |
| Operating profit (loss) | 9901 | €57,815 | €60,996 | +€3,181 | +5.5% |
| Financial income | 75/76B | €8 | €156 | +€148 | +1899.4% |
| Recurring financial income | 75 | €8 | €156 | +€148 | +1899.4% |
| Financial charges | 65/66B | €17,579 | €50,437 | +€32,858 | +186.9% |
| Recurring financial charges | 65 | €17,579 | €50,437 | +€32,858 | +186.9% |
| Profit (loss) for the period before taxes | 9903 | €40,243 | €10,714 | -€29,529 | -73.4% |
| Income taxes | 67/77 | €11,502 | €2,666 | -€8,835 | -76.8% |
| Profit (loss) for the period | 9904 | €28,741 | €8,048 | -€20,693 | -72.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,741 | €8,048 | -€20,693 | -72.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.